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Dynamic relationship between board of directors and corporate sustainability performance: evidence from energy sector

The 2030 agenda for sustainable development establishes a new global sustainability target, with corporations expected to contribute significantly by implementing sustainable practices. One strategy for engaging corporations in sustainable practice focuses on corporate governance (CG) mechanisms, su...

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Main Authors: Nazir Gardazi, Syeda Saba, Sheikh Hassan, Ahmad Fahmi, Fauzi Saidin, Saidatunur, Johari, Jalila
Format: Article
Language:English
Published: Penerbit UPM 2023
Online Access:http://psasir.upm.edu.my/id/eprint/107425/1/107425.pdf
http://psasir.upm.edu.my/id/eprint/107425/
http://www.ijem.upm.edu.my/vol17no1/2.%20Dynamic%20Relationship%20Between%20Board%20of%20Directors.pdf
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spelling my.upm.eprints.1074252024-10-21T01:47:49Z http://psasir.upm.edu.my/id/eprint/107425/ Dynamic relationship between board of directors and corporate sustainability performance: evidence from energy sector Nazir Gardazi, Syeda Saba Sheikh Hassan, Ahmad Fahmi Fauzi Saidin, Saidatunur Johari, Jalila The 2030 agenda for sustainable development establishes a new global sustainability target, with corporations expected to contribute significantly by implementing sustainable practices. One strategy for engaging corporations in sustainable practice focuses on corporate governance (CG) mechanisms, such as the board of directors (BOD). On the premise of stakeholder theory, agency theory and resource dependency theory, the relationship between BOD and corporate sustainability performance (CSP) was investigated using the panel data analysis. Utilising a sample of 335 energy sector corporations from 48 countries our GMM estimation shows a significant relationship between CSP and board size, different positions for CEO and Chairperson roles, and interlocking directors. The findings also showed that having more independent directors on a board lowered CSP, while gender and cultural diversity did not affect CSP. The implications of these findings to policymakers on the energy sector corporations are not limited to improving CSP via formulating and implementing specific CG strategies and policies that are beneficial but also provide explicit information on how corporate energy sectors can change their behaviour with respect to sustainable practices and good governance to address social and environmental issues. Penerbit UPM 2023-04 Article PeerReviewed text en http://psasir.upm.edu.my/id/eprint/107425/1/107425.pdf Nazir Gardazi, Syeda Saba and Sheikh Hassan, Ahmad Fahmi and Fauzi Saidin, Saidatunur and Johari, Jalila (2023) Dynamic relationship between board of directors and corporate sustainability performance: evidence from energy sector. International Journal of Economics and Management, 17 (1). pp. 19-35. ISSN 1823-836X; eISSN: 2600-9390 http://www.ijem.upm.edu.my/vol17no1/2.%20Dynamic%20Relationship%20Between%20Board%20of%20Directors.pdf 10.47836/ijeam.17.1.02
institution Universiti Putra Malaysia
building UPM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Putra Malaysia
content_source UPM Institutional Repository
url_provider http://psasir.upm.edu.my/
language English
description The 2030 agenda for sustainable development establishes a new global sustainability target, with corporations expected to contribute significantly by implementing sustainable practices. One strategy for engaging corporations in sustainable practice focuses on corporate governance (CG) mechanisms, such as the board of directors (BOD). On the premise of stakeholder theory, agency theory and resource dependency theory, the relationship between BOD and corporate sustainability performance (CSP) was investigated using the panel data analysis. Utilising a sample of 335 energy sector corporations from 48 countries our GMM estimation shows a significant relationship between CSP and board size, different positions for CEO and Chairperson roles, and interlocking directors. The findings also showed that having more independent directors on a board lowered CSP, while gender and cultural diversity did not affect CSP. The implications of these findings to policymakers on the energy sector corporations are not limited to improving CSP via formulating and implementing specific CG strategies and policies that are beneficial but also provide explicit information on how corporate energy sectors can change their behaviour with respect to sustainable practices and good governance to address social and environmental issues.
format Article
author Nazir Gardazi, Syeda Saba
Sheikh Hassan, Ahmad Fahmi
Fauzi Saidin, Saidatunur
Johari, Jalila
spellingShingle Nazir Gardazi, Syeda Saba
Sheikh Hassan, Ahmad Fahmi
Fauzi Saidin, Saidatunur
Johari, Jalila
Dynamic relationship between board of directors and corporate sustainability performance: evidence from energy sector
author_facet Nazir Gardazi, Syeda Saba
Sheikh Hassan, Ahmad Fahmi
Fauzi Saidin, Saidatunur
Johari, Jalila
author_sort Nazir Gardazi, Syeda Saba
title Dynamic relationship between board of directors and corporate sustainability performance: evidence from energy sector
title_short Dynamic relationship between board of directors and corporate sustainability performance: evidence from energy sector
title_full Dynamic relationship between board of directors and corporate sustainability performance: evidence from energy sector
title_fullStr Dynamic relationship between board of directors and corporate sustainability performance: evidence from energy sector
title_full_unstemmed Dynamic relationship between board of directors and corporate sustainability performance: evidence from energy sector
title_sort dynamic relationship between board of directors and corporate sustainability performance: evidence from energy sector
publisher Penerbit UPM
publishDate 2023
url http://psasir.upm.edu.my/id/eprint/107425/1/107425.pdf
http://psasir.upm.edu.my/id/eprint/107425/
http://www.ijem.upm.edu.my/vol17no1/2.%20Dynamic%20Relationship%20Between%20Board%20of%20Directors.pdf
_version_ 1814054632596439040
score 13.211869

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